Officials from the NI Department of Justice gave evidence this afternoon on the way forward following consultation over the summer on the mechanism for setting the personal injury discount rate. There are two significant developments:
- First that the officials indicated that on balance the Department had concluded it would not proceed to reset the existing rate based on the 1996 Act, ILGS yields and Wells v Wells.
- Second is that the Department will seek to introduce legislation quickly to deliver a new legal framework for setting the discount rate.